Banking Committee Chairman Tim Scott told Fox News Digital that the Genius Act ‘was the first of his sort’ as his law passed the Senate.
The Senate passes guidance and establish national innovation for US staberso on Tuesday, after Landmark system law faced a lot of hurdles before it is done throughout the upper room line.
One of Bill’s largest advocate is the Chairman of the Senate Banking Committee committee and previously Presidential candidate Tim ScottRs.C., leading the bill by his Democrat support committee. Scott says Genius Act “is the first of his kind” after the bill passed the Senate to an exclusive interview with Fox News Digital.
Senator Tim Scott, Rs.c., told a hearing on the confirmation of Washington, DC, Feb. 27. (AL DRAGO / Bloomberg through GETTY / GETTY IMAGES) images)
“We are at Cusp to do something that has never been in the country history,” Scott explained. “It’s more about democratization than about the Democrats or Republicans. It’s about someone who develops my expenses with other priorities.”
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Bipartisan Bill, introduced by Sen. Bill Haggerty, R-Tenn., Experienced challenges in accordance with the Senate democratic blocks the bill In early May. The Leader Leader of the Senate John Thyune, R-South Dakota, said he wondered if it was “simple Democrats who deny Republicans, or President Trumpa bipartisan victory “at the time of the vote last month.
The key component of legislation establishes a regulatory framework for payment stabecoes, a signal that Congress and the federal government takes a serious crypto industry.
treasury Secretary Scott Bsess Tuesday’s law was pledged in the forefront of the bill, which increases Trump administration support for the Crypto industry.
Washington, DC – March 07: Secretary of Treasury Scott and US President Digalt Digal Trump Summit in White House Digalt Summit at the White House on March 07, 2025 in Washington, DC. Trump held S (Anna moneymaker / getty images / getty images)
“Recent reporting projects that stabecoins can grow in a $ 3.7 trillion market at the end of the decade,” Bossent Posted in x. “That scenario can be more likely to pass the Genius Act.”
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The bill now goes home, and should pass the lowest room, it will sue the president’s desk. Senador Tim Scott said Fox is optimistic that the Genius Act will be signed in August.
“Taking it from Senate Naked We did our part of work, the part I was in control, and celebrated all over the country,” Scott told Fox News Digital. “And then the house will work to figure this process. I believe we can see the President’s signature.”
The number of people around the world with at least $ 1 million worth of Crypocurrency aggravated. (Istock)
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Industry leaders also rallied around the bill, as Solain Policy Institute President and former Blockchain Askation Kristin Store tells Fox News Digital the legislation to open “great potential.”
“This Genius Act will establish clear rules for stabecoins, opening great potential for more efficient payments and financial services,” Smith explained. “We clapped the senators and their staff heading to this critical framework and look forward to the quick movement at home to get it in the finish line.”
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The Timeline for a house vote remains unclear, but the Senator Scott and the enthusiasm of Trump administration to obtain the Genius Act signed by the law may have a paper in the process.
